Market Bizzz

The release of ChatGPT last year landed as technology giants were embarking on major layoffs and cost-cutting plans, with share prices hammered after flying high during the coronavirus pandemic.

Australian data showed consumer prices rose 0.8% in the June quarter, under forecasts of 1.0% and the smallest gain since the third quarter of 2021. The annual pace in core inflation slowed to 6.0%, from 6.6%, again under forecasts.

The Shanghai Composite Index was 1.55% higher, while Hong Kong’s benchmark Hang Seng Index surged 3.4% after China’s top leaders pledged on Monday to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand and signalling more stimulus steps.

Markets are fully priced for quarter-point rate hikes from the Fed and the European Central Bank. So, the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about the future and their September meetings.

The euro was shaky at $1.1063, up just 0.02% having slumped to a two-week low of $1.1059 earlier in the session, after a survey on Monday showed euro zone business activity shrank much more than expected in July, reigniting recession fears.

​This is a 2-candlestick pattern in which the first candle has a red body followed by a candle with a long green body, which engulfs the red candle’s body.​

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond.

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.